General overview for 30/09/2014 10:35 CET
As anticipated yesterday the market continues its corrective cycle in wave -iv- blue and it is about to break to the upside to make a new high. Please notice the blue impulsive count invalidation line at the level of 1.1126 can not be violated in order to keep this count valid.
1.1175 – Swing High
1.1165 – Intraday Resistance
1.1148 – Intraday Support
1.1125 – Blue Impulsive Count Invalidation Line
1.1100 – Weekly Pivot
1.1082 – Red Impulsive Count Invalidation Line
1.1035 – WS1
Swing traders and day traders should consider moving the trailing stop loss orders for all buy positions just below the level of 1.1125 in case the corrective cycle will be more complex and deeper in retracement. The short-term bias is bullish and only buy orders should be open in this market.
The material has been provided by InstaForex Company – www.instaforex.com